One of Raphael Arndt’s first jobs when he joined the then $60 billion Future Fund in 2008 was to sell down its massive stake in Telstra, in what was one of the biggest bloc trades in Australian history.On Wednesday, one of Arndt’s last tasks was to announce one of the fund’s best ever years, as the 14.8 per cent return in the 2026 financial year lifted the fund’s value by $37.4 billion to $289 billion.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles
Future Fund CEO leaves with a $37b year, and an AI warning
Raphael Arndt delivered a big return that reflected long-term bets on a more inflationary, riskier world. But he says AI will be his successor’s big challenge.
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